MyTVS, a leader in the automotive mobility solutions with headquarters in Chennai, has secured an additional Rs 203 crore from an Exor fund run by Lingotto. The funding will accelerate the company aspiration to expand its online to online business.
In 2021, Exor invested roughly 350 crore rupees in myTVS. Exor now owns 11.5% of myTVS after the most recent investment.
As per the official statement, myTVS will use the money to scale up its online-to-offline (O2O) business model, grow its network, invest in technology to improve its services and spares platform, and develop the nation’s automotive aftermarket ecosystem through “myTVS” for two- and four-wheeler users.
Furthermore, the cash will be used for debt repayment, acquisition finance, brand development, and global expansion.
“The additional investment by Exor reiterates myTVS’ successful business model and its leadership position in the growing Indian automotive aftermarket segment,” said G Srinivasa Raghavan, Managing Director, myTVS. “Our end-to-end digital platform is the single largest network in the aftermarket ecosystem that aims to bring structure to the fragmented automotive service sector, and also seeks to empower the livelihood entrepreneurs with technology.”
myTVS serves over 3 Million Clients through its 20,000 service centers
Through its owned stores, franchise network, at-home services, and roadside assistance, myTVS, owned and run by Ki Mobility Solutions Pvt Ltd, connects the entire ecosystem of customers, retailers, service garages, and fleet operators to its digital properties. It provides services and parts to B2B and B2C customers. In 270 locations across the nation, it says it offers end-to-end solutions to its three million clients, 20,000 service centres, 10,000 shops, and fleets.
“myTVS is a leading disruptor in the automotive aftermarket space in India. It has an innovative technology-driven business model, which can be leveraged to become a global player,” added Ashish Kaushik, Partner at Lingotto.
“We believe that the highly experienced management team of myTVS with its unparalleled execution capabilities can grow this business for the long term.” For this deal, Daiwa Corporate Advisory (DC) was appointed as the banker, Nishith Desai Associates acted as counsel to Exor and Jyoti Sagar Associates acted as counsel to myTVS.
With Rs 487 crore already secured from Castrol India Limited in November 2022, this is a part of a total Rs 690 crore Series C fundraising effort. Exor NV, which has its headquarters in Europe, owns 100% of Lingotto.